Market History
Four bubbles from four centuries. They differ in almost everything except how they unfold, and that's exactly why knowing them is useful.
Tulip mania, 1637
In 17th-century Holland, prices for rare tulip bulbs briefly reached absurd heights and collapsed abruptly in February 1637. It's the oldest well-documented price bubble.
The 1929 crash
After years of rising prices and heavily expanded debt financing, the US stock market collapsed in October 1929. By its 1932 low, it had lost roughly ninety percent.
The dot-com bubble, 2000
In the late 1990s, internet company prices rose dramatically, often with no profits and sometimes no revenue. After peaking in March 2000, the tech-heavy index lost roughly eighty percent.
Why every bubble looks the same
Bubbles differ in their object and resemble each other in how they unfold. Five phases have repeated for centuries, and the traits are recognizable during the event, even if not provable.